Buy now, regret later?

kefkat

Vital Football Legend
#1
Was shocked to find we had 1 of these shops in York. Yes people choice to use but, they are just another version of legal pay day lenders. It preys on people's misery
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The secret of BrightHouse's success


Marc Brown loves to shop at BrightHouse. Over the past couple of years, he has bought a television, two sofas and a hi-fi from the store, and today he has come in to buy two tablet computers, one for himself and one for his mother. With BrightHouse there is no need to pay straight away; instead, the price is divided into small weekly chunks, repayable over the next few years.

Since he began shopping with BrightHouse, his weekly payments have gradually notched up. Once the cost of the new tablets is added, Marc, 38, a former Southwark council employee who lost his job in 2007, will be paying BrightHouse £103 a week. He receives about £140 a week in benefits payments, leaving him £37 a week for everything else. "My mum helps with the bills," he says. His enthusiasm for the model is undented by the steep weekly charge. He likes the system for its "affordability".

In the post-recession reshaping of the British high street, there have been several notable winners: the payday lenders, betting shops and BrightHouse, supplier of TVs and sofas on credit, to people who cannot afford upfront payment.


Cont:
http://www.theguardian.com/society/2013/oct/04/brighthouse-consumer-poverty-high-street
 
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#3
My mom and dad had some stuff from there settee cooker and tv over the years and when i found out i went mental ive said this before but the amount they paid back over the years was astronomical, but needs must for them thats why they used brighthouse and i remember them sending text messages all the time to pay up yet my mom and dad was in credit it got my mom feeling down them harrasing her for money aswell the ba-tads
 

SKEGGY

Vital Football Legend
#4
Price comparison time

http://www.johnlewis.com/sharp-aquos-lc60le651k-led-hd-1080p-3d-smart-tv-60-inch-with-freeview-hd/p519309?kpid=232172314&s_kenid=13ef0c4f-ed06-9d89-db6a-000064b7dae5&s_kwcid=ppc_pla&tmad=c&tmcampid=73


http://www.brighthouse.co.uk/televisions/sharp-60-smart-3d-led-tv/


Frightening
 
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#5
Sickening isn't it, four times more expensive thats the price people pay for not having much, but tbh in the old days my old man always said to me if he didn't have the money back then he didn't have the thing he wanted too, unlike today the temptation to have things is there and these companies prey on the vulnrable but for needs must items like fridges cookers etc some people have to use them
 
#6
Total joke, BUT, buyer beware.

Finance agreements thesedays are a world apart from even five years ago. The APR is clear and if you don't understand that sadly, you should.

But the finance world got what they wanted via mailers guaranteeing cards to this generation (mine) and the generation and maybe two ahead of me, so nobody saves anymore.

You want it now you get it now.

Sad.
 
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#7
Thtas right Mike, our era has bought into this ''i want it know i must have it know'' young and old alike have been conditioned into this mentality imo, im not talking about a fridge or cooker etc the essentials im talking about a nice bigger flat screen tv or a new sofa cos the one you got is a bit old now and a bit of wear on it, we should just buy essentials we need and save any we can, i have been putting into a tin for years now a tenner here a fiver there for a rainy day or when an essential item is needed or something for the kids this is how i roll now buy what i need not what looks cool
 
#8
Yup, there's a defence for essentials isn't there. It comes to a cooker, a fridge/freezer you don't have many options.

But luxuries. No you are meant to earn them, meant to save for them, not expect a god given right to have them.

And obviously the case study in the piece has been picked out deliberately, as it shows it's not something important, it's a want.

It doesn't however explain motives, does he have a computer. Is this his access to being online, converse with family, maybe undertake an Open Uni online course, or even just open himself to further job opportunities.

That bit is the spin.

The rest though, shows the danger of these companies, but people sign up willingly and if it goes wrong thesedays they made a conscious choice.

And it shows the make up of people has changed to wanting instant gratification to show off the new gadget to friends, when quite frankly, waiting a few months and saving is far more sensible - but that's not something you brag about is it sadly.
 

kefkat

Vital Football Legend
#9
What I don't get is the majority of people have access to a catalogue. If they don't have 1 themselves they know someone who will have. Now I know you pay slightly more in a catalogue however not those amounts. You can get it on credit too.

Also if your on benefits you can get budgeting loans which don't charge interest and you pay back at an affordable amount per week. The amount you can borrow depends on the size of your family
 

kefkat

Vital Football Legend
#10
SKEGGY - 5/10/2013 20:24

They were formally Radio Rentals and Lombard finance
Doesn't surprise me Skeggy. I wondered where those 2 companies had disappeared too.

Just looked at the wik link on them. How the heck did they get The Large Business of the Year at the Business Excellence Awards 2012?

Flaming wrong. Here's a link about them. There profits and turnover are massive


http://en.wikipedia.org/wiki/BrightHouse_(retailer)
 
#11
Not all catalogues Kef.

Only a few are interest free, many also charge similar amounts and that's why places like Brighthouse price as they do, but they offer the advantage you can browse, touch, measure up etc.

Councils also don't advertise budget loans do they.
 
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#12
No Mike people don't want to wait and put a bit away when you get it or can afford to, but one day they may have too i have learnt by having a job and things in life to not having a job and other things happan that nothing should be took for granted and you need to put some away when ever you can cos them rainy days are just round the corner but this is just my out look tbh lol

KK that is a good point, i think the cataloges are just not as put ot there as when i was a kid, i mean Kays was eveywhere maybe its more to do with advertising by these big companies how they seem to push the old catalog way out?
 
#13
That's all you can ask really Clive to redress the balance is those propping up industries like this fall on times where they really have to learn to budget (and you hope it doesn't hit them too hard in the process) and redress the balance.
 

kefkat

Vital Football Legend
#14
mike_field - 5/10/2013 23:51

Not all catalogues Kef.

Only a few are interest free, many also charge similar amounts and that's why places like Brighthouse price as they do, but they offer the advantage you can browse, touch, measure up etc.

Councils also don't advertise budget loans do they.
It's the DWP who do budgeting loans. Approximately £450 for a couple up to a £1000 for a family. Far as I know there must be information on them generally as the people I know on benefits know about them.

It's the crisis loans and grants that have been stopped. Not budgeting loans BTW. You can still get them through the DWP

Catalogues I am thinking of are like Kays. The big 1's. There are other small 1's like Studio who sell all sorts who charge through the nose
 
#15
I heard of them via a neighbour a few years back, never seen anything on our council site about them of via any other means.

Even going back to the fantastic argument I had with the CEO at the point when they mistakenly took two months rent out in one week, leaving me with 100's in charges and other unpaid bills and he never mentioned a loan to help, but then again he didn't want to cover my losses either.

That changed :17:

Look at who owns all the catalogues you can think of. They are predominantly one company. Group Direct ie Littlewoods. So applications get shufted around to which risk catalogue you best suit.

I miss the bloke in their legal department PMSL
 

kefkat

Vital Football Legend
#16
I know Mr Kefkat catalogue he has had since the year dot, has changed hands from Marshall Wards, to Littlewoods, Great Universal, and another I can't remember the name of to Kays now. I think Kays name of Kandco own the lot

Oh you have taken them on too?. LOL
 
#17
:17:

Took a over a year and letters more numerous than 15 pages long.

As said I miss him, he was a credit to them, he joined in with the barbs and the film references and I think I enjoyed it just as much as he did.

If he was in an office nearby once we sorted it and I got exactly what I wanted, I'd have turned up and took him to the nearest pub an crashed for the night.

It was almost man love.
 
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#19
BodyButter - 6/10/2013 00:56

64.7% APR! I need to get out of education and start lending money to idiots.
Im glad you have never been in a situation or in desperation to use such companies that charge high rates but to call folk who are and have been in these situations and HAD to use them is bang out of order imo and an idiotic choice of words as my mother used these companies and i assure you she is no idiot just fell on hard times sir.
 

BodyButter

Vital Football Legend
#20
ClivetheVillan - 6/10/2013 10:50

BodyButter - 6/10/2013 00:56

64.7% APR! I need to get out of education and start lending money to idiots.
Im glad you have never been in a situation or in desperation to use such companies that charge high rates but to call folk who are and have been in these situations and HAD to use them is bang out of order imo and an idiotic choice of words as my mother used these companies and i assure you she is no idiot just fell on hard times sir.
Nobody has to buy anything from these guys. The payday loan guys are different but you don't need a telly or a sofa.

I'm sorry that your mom got involved with these guys but you said yourself that you were furious when you found out.